What is the APR for a loan that charges a $9 fee to borrow $60 for...

Question

Question

What is the APR for a loan that charges a $9 fee to borrow $60 for a loan period of 10 days? Group of answer choices

547.5% APR.

386.0% APR.

390.0% APR.

90.0% APR.

Answer 1

Answer #1

Annual percentage rate (APR) 547.5% -19/60)*(365/10)

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Answer 2

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